Editing IPCC:AR6/WGIII/Chapter-9 (section)

==== 9.8.5.2 Enhanced Asset Values of Energy Efficient Buildings ====

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A significant number of studies confirm that homes with high energy efficiency and/or green features are sold at higher prices than conventional, low energy efficient houses. A review of 15 studies from 12 different countries showed that energy efficient dwellings have a price premium ranging between 1.5% and 28%, with a median estimated at 7.8%, for the highest energy efficient category examined in each case study compared to reference houses with the same characteristics but lower energy efficiency (the detailed results of this review are presented in Supplementary Material Table 9.SM.5). In a given real estate market, the higher the energy efficiency of dwellings compared to conventional housing, the higher their selling prices. However, a number of studies show that this premium is largely realised during resale transactions and is smaller or even negative in some cases immediately after the completion of the construction ( [[#Deng--2014|Deng and Wu 2014]] ; [[#Yoshida--2015|Yoshida and Sugiura 2015]] ). A relatively lower number of studies (also included in Supplementary Material Table 9.SM.5) show that energy efficiency and green features have also a positive effect on rental prices of dwellings ( [[#Hyland--2013|Hyland et al. 2013]] ; [[#Cajias--2019|Cajias et al. 2019]] ), but this is weaker compared to sales prices, and in a developing country even negative as green buildings, which incorporate new technologies such as central air conditioning, are associated with higher electricity consumption ( [[#Zheng--2012|Zheng et al. 2012]] ).

Regarding non-residential buildings, ( [[#European%20Commission--2016|European Commission 2016]] ) reviewed a number of studies showing that buildings with high energy efficiency or certified with green certificates present higher sales prices by 5.2–35%, and higher rents by 2.5–11.8%. More recent studies in relation to those included in the review confirm these results ( [[#Mangialardo--2018|Mangialardo et al. 2018]] ; [[#Ott--2018|Ott and Hahn 2018]] ) or project even higher premiums. [[#Chegut--2014|Chegut et al. (2014)]] found that green certification in the London office market results in a premium of 19.7% for rents. On the other hand, in Australia, a review study showed mixed evidence regarding price differentials emerged as a function of energy performance of office buildings ( [[#Acil%20Allen%20Consulting--2015|Acil Allen Consulting 2015]] ). Other studies have shown that energy efficiency and green certifications have been associated with lower default rates for commercial mortgages ( [[#Wallace--2018|Wallace et al. 2018]] ; [[#An--2020|An and Pivo 2020]] ; [[#Mathew--2021|Mathew et al. 2021]] ).

More generally, ( [[#Giraudet--2020|Giraudet 2020]] ) based on a meta-analysis of several studies, showed that the capitalisation of energy efficiency is observed in building sales and rental (even in the absence of energy performance certificates), but the resulting market equilibrium can be considered inefficient as rented dwellings are less energy efficient than owner-occupied ones.

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